A banknote separating module performs banknote separating as well as banknote clamping and conveying in processes of banknote disposing, banknote depositing, banknote withdrawing, banknote picking, forgotten banknote recovering, etc. In a conventional cash recycling system, a banknote separating module performs the processes of banknote depositing, banknote withdrawing and forgotten banknote recovering by two up and down banknote separating assemblies. Also, for achieving up and down separating of banknotes, and clamping and conveying of banknotes in the above three processes, generally three banknote pressing plates are provided in the banknote separating module, and the three banknote pressing plates are driven by three motors and six synchronous belts to move to achieve various states.